DETROIT, Aug. 9 /PRNewswire/ -- The General Motors (NYSE: GM) Board of Directors today at its regular meeting declared quarterly dividends on all three GM common stocks. The board also authorized the redemption of all GM Series E-I Preference Stock.
The dividend on GM $1-2/3 par value common stock is $0.20 per share; the dividend on GM Class E common stock is $0.10 per share; and the dividend on GM Class H common stock is $0.18 per share. Each dividend is payable Sept. 10, 1993, to holders of record on Aug. 19, 1993. The dividend rates are unchanged from the previous quarter.
In addition, the Board declared the following quarterly dividends: $0.570313 per GM Series B depositary share; $0.8125 per GM Series C depositary share; $0.495 per GM Series D depositary share; and $0.57 per GM Series G depositary share. These dividends are payable Nov. 1, 1993, to holders of record on Oct. 4, 1993.
The Board also declared a quarterly dividend of $0.8275 per share on GM Preference Equity Redemption Cumulative Stock (PERCS), payable Sept. 1, 1993, to holders of record on Aug. 19, 1993.
The redemption of the GM Series E-I Preference Stock is effective as of the close of business on Sept. 15, 1993, at $57.25 per share. Each share of the stock is convertible into four shares of GM Class E common stock if converted at any time prior to the close of business on Sept. 15, 1993. To ensure that a conversion will be effective prior to the redemption, Series E-I Preference Stock certificates should be delivered for conversion no later than the close of business on Sept. 8, 1993.
Shares of GM Class E common stock issued upon conversion of the Series E-I Preference Stock prior to the close of business on Aug. 19, 1993, will be eligible to receive the dividend declared today. Series E-I stock certificates should be delivered for conversion no later than the close of business on Aug. 12, 1993, to ensure that a conversion will be effective prior to the GM Class E common stock dividend record date. The GM Series E-I Preference Stock was originally contributed to GM's pension plans in September 1987 and sold by the plans to the public in March 1991. Dividends on the Series E-I stock were last paid on Aug. 1, 1993, and no additional dividends will be paid. A notice of redemption will be mailed to holders of record of the Series E-I Preference Stock as of the close of business on Aug. 9, 1993. GM expects that substantially all holders of Series E-I Preference Stock will convert prior to redemption and, consequently, the cash cost of the redemption should not be material.
-0- 8/9/93
/CONTACT: Toni Simonetti of General Motors, 212-418-6380/
(GM)

CO: General Motors Corporation ST: Michigan IN: AUT SU: DIV

KE -- DE009 -- 0774 08/09/93 13:00 EDT

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